The Parliamentary Finance Committee met with Klemens Semtner, Ambassador of the European Union to Iraq, and his accompanying delegation to boost economic cooperation and counter corruption. 

During a Tuesday meeting at the committee's headquarters, both delegations reviewed ongoing European Union programs and projects in Iraq while exploring avenues to expand economic and investment cooperation. 

Strengthening Legislative and Investment Ties

The discussions focused on strengthening bilateral parliamentary relations between the Iraqi Finance Committee and the European Parliament's Committee on Economic and Monetary Affairs (ECON). 

The delegations also explored avenues for expanding economic and investment cooperation. 

Iraq and EU Partner on Anti-Corruption and Legislative Reforms 

The meeting addressed “the European experience in combating corruption, opportunities for cooperation, and the exchange of expertise, particularly regarding economic reforms and legislation that helps maximize state resources.” 

Both parties further emphasized closer policy alignment to maintain fiscal stability, advance economic reforms, and secure long-term development goals.

Iraq and EU Align Policies for Green Financial Transition 

Committee members reviewed European financial management practices, emphasizing the necessity of adopting these frameworks to support green economy initiatives and the environmental transition by investing in solar energy and waste recycling to help diversify revenue sources and reduce dependence on oil. 

Iraq Pushes Green Transition and Anti-Corruption Campaign 

Iraq relies on oil sales for over 85% of state revenue, leaving its national budget highly vulnerable to global price fluctuations and recent export drops. 

To mitigate this fiscal instability, the government has made economic diversification through massive green energy projects and solar infrastructure a top national priority. 

Simultaneously, Iraq is waging an intensive anti-corruption campaign led by Prime Minister Ali Faleh al-Zaidi that has successfully recovered billions of dollars in stolen public funds back to the state treasury.